Louisiana Administrative Code
Title 58 - RETIREMENT
Part V - Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity
Chapter 20 - Tax Qualification Provisions
Section V-2001 - General Provisions
Universal Citation: LA Admin Code V-2001
Current through Register Vol. 50, No. 9, September 20, 2024
A. The New Orleans Firefighters Pension and Relief Fund shall be a tax-qualified governmental plan as provided in the Internal Revenue Code of 1986, as amended. In accordance with the requirements of the Internal Revenue Code, the following provisions shall apply to the fund.
1. The assets of the fund shall be held for
the exclusive benefit of the members of the fund, the retirees thereof, and the
survivors and beneficiaries of the retirees and members. No part of the funds
held by the trustees of the fund shall be used or diverted for any reason,
including any contingency or event or by any other means, to other purposes,
including but not limited to reversion to any employer.
2. The retirement benefit of a member shall
be fully vested and nonforfeitable no later than the date on which he becomes
eligible to retire. Benefits of members shall also become vested and
nonforfeitable upon the termination of the fund or the complete discontinuance
of contributions to the system.
3.
Forfeitures shall not be used to increase the benefits of the remaining members
of the fund. This shall specifically not preclude any increase in benefits by
amendment to the benefit formula made possible by a change in contribution
rate, favorable investment results, or other means.
4. A member's benefit shall begin to be
distributed not later than the latest date provided for the commencement of
benefits for governmental plans under section 401(a)(9)(C) of the
Internal Revenue Code of 1986, as amended. Distributions to a
surviving spouse, dependent, successor and/or beneficiary of a member shall be
made at least as soon as distributions are required to be made by qualified
governmental plans under the Internal Revenue Code of 1986, as
amended. Benefits payable shall be limited in accordance with IRC section 415
and applicable Treasury Regulations as applied to governmental plans.
5. In computing benefit accruals, there shall
not be taken into account compensation in excess of the limitations specified
in section 401(a)(17) of the Internal Revenue Code, as
amended. Such compensation limit was $200,000 for tax years beginning after
December 31, 2001.
6. The fund, its
trustees, consultants, and advisors shall not engage in any prohibited
transactions as that term is defined in section 503 of the Internal
Revenue Code of 1986, as amended.
AUTHORITY NOTE: Promulgated in accordance with R.S. 11:3363.
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